New Delhi: Zerodha, India’s second-largest stock brokerage platform, experienced major technical problems this morning. Users had trouble logging into Kite Web, and the platform’s website was down. This happened at the same time as a big surge in the stock market, driven by exit polls predicting Prime Minister Narendra Modi’s government will win a third term in the 2024 Lok Sabha elections.
The market rally saw the Nifty 50 index jump by 2.65% to 23,129.35 points and the BSE Sensex rise by 2.62% to 75,903.97 points. These are the biggest intraday gains since February 1, 2021.
Exit Polls Boost Market Sentiment:
The stock market surge was due to exit polls indicating that the Bharatiya Janata Party (BJP)-led National Democratic Alliance (NDA) is likely to win a two-thirds majority in the elections.
Traders Reactions on Social Media:
Many traders expressed their frustration on social media. One user tweeted, “Don’t trust Zerodha on Monday. Glitches after the weekend are so common. #Zerodha #CDSL #Trading.” Another said, “As usual, Zerodha has glitches on a big day. Imagine what will happen tomorrow. They can only do podcasts…”
A third user worried about the platform’s future reliability, saying, “Gift Nifty indicates a 700+ point gap up opening. The biggest worry is whether #Zerodha will work today without hanging/glitches or not!??!!” (sic).
Zerodha’s Response:
In response to user complaints on X (formerly Twitter), Zerodha suggested users try a ‘hard refresh’ or other solutions. “Please do a hard refresh by pressing Ctrl + Shift + R and check. If the issue persists, you can use the Kite app or try an alternate internet connection,” Zerodha advised.
A spokesperson for Zerodha clarified, “We’re not having problems with order placement. The issue lies with CDSL. It’s affecting all brokers.”
